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Your firm has a cash outflow of $40 million due in 12 years and wishes to immunize the payment. To do so, the firm purchases

Your firm has a cash outflow of $40 million due in 12 years and wishes to immunize the payment. To do so, the firm purchases a 20 year, 2% annual coupon, 2% YTM bond. What is the total face value of the bonds purchased.

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